Crown Prince of Saudi Arabia Mohammad Bin Salman will launch the $4.2 billion expansion of the S-Oil refinery in South Korea, CEO of Saudi Aramco Amin Nasser told Al-Arabiya TV.
S-Oil refinery, the wholly-owned by Aramco, is the third largest refinery in South Korea, Nasser added.
The second phase of the refinery’s expansion will see direct production of chemical materials from crude oil, he indicated.
In February, S-Oil Corporation announced it had signed a KRW 2.61 trillion ($2.32 billion) contract to sell refined oil to Aramco’s trading unit.
Under the contract, S-Oil will supply up to 17 million barrels of diesel, nearly 13 million barrels of naphtha, and approximately 12 million barrel of aviation fuel to Aramco Trading Singapore in 2019.